Risks Allocation Of Land Remediation Projects Based On PPP Model

With the rapid advancement of urbanization in China,the demand for land was increased,and government departments' investment in projects of land improvement was also increased year by year.However,the limited subsidies of central and local government were insufficient to meet the funding gap for land improvement projects.The PPP model was set to the construction of land improvement projects to achieve complementary resource advantages,which reduced the local financial pressure,solved the problem of low project efficiency,improved the technical level and serviced quality of land consolidation projects.Since the PPP project was at initial stage,the research mainly focused on the importance,necessity,and advantages of the PPP model.The risk management of land improvement PPP projects was needed to be further explored.The project participants were large and project cycles were long,with complex risks and unreasonable sharing.Therefore,the risk factors of land improvement PPP projects was identified,and a scientific and reasonable risk sharing mechanism was established to quantify the shared risks by the public and private parties.Those were the focus of land improvement PPP project.Firstly,the PPP model was summarized in this paper.The related concepts of land remediation projects,and the risk sharing of PPP projects and the current status of domestic and foreign research were the theoretical basis for this research.Based on the results of the literature statistical method,case analysis method,and the characteristics of land remediation projects,the land improvement PPP projects were established.A risk assessment questionnaire for land remediation PPP projects was established by the risk factor scale around the risk factors in the scale.The relevant researchers and practitioners' opinions on the degree of impact of various risk factors on land remediation PPP projects were collected.Secondly,based on the existing research results of other scholars,the SEM theoretical models and research hypotheses were established,and the multiple rounds of model evaluations and model revisions were conducted.The project risk factors were obtained by verifying research hypotheses and extracting risk factor loads.The preliminary sharing plan of risk factors was determined by using expert interviews and cases analyzes.Then,the government departments and social capital were taken as the risk sharing subject of the land remediation PPP project from the perspective of the game.The risk sharing and bargaining game process of the two parties was defined.Based on the two situations of government first bid and social capital first bid,the sharing under incomplete information was formed.The public-private bargaining game model of risk was solved and the risk sharing ratio of government departments and social capital in land improvement PPP projects was obtained.Finally,the actual case of the land remediation PPP project(in Jinghe County,Xinjiang)was verified,and the feasibility of the bargaining game model was verified.Through the research in this paper,the land improvement PPP projects were broadened to make up for the deficiencies of related research in this field.The participation of social capital in land remediation PPP projects was promoted to provide reference for the subsequent research of land remediation PPP projects.